The last time the Fed cut rates to near-zero levels was during the last recession. The result was lowest-ever mortgage rates for consumers.

The 30-year fixed-rate settled in the low 3s.

But rates could go even lower this time. Fixed mortgage rates are already in the mid-3s, according to Freddie Mac data. They could feasibly get sliced in half if the Fed reduces its federal funds rate to 0% or even -0.25%. (Germany’s bonds hit a record low of -0.31% in mid-August).

So sub-2% mortgage rates are not outside the realm of possibility. If you could get a 30-year fixed mortgage at 1.75%, would you refinance? No doubt that most of us would.

A Danish bank is already issuing 10-year fixed loans at -0.50% (yes, that’s a negative number). So any artificial “floor” under which mortgage rates “can’t drop” is more like a shadow.

If you’re in the market for a refinance or to buy a primary home, investment property, second home, or other property, 2019 and 2020 could be your once-per-lifetime opportunity.